After having remained capped at the 200-DMA last week Monday’s rally and bullish close saw Stoxx50 take out the 200-DMA, falling daily trend line and 50% Fibonacci level. Immediate focus shifts to the 3175.9-3192.6 region with a close above opening up for a move back to the 2014 highs. Initial support is noted at Monday’s low with a close below needed to signal a false break.
RES 4: 3223.9 High July 24
RES 3: 3192.6 61.8% Fibonacci 3325.5-2977.5
RES 2: 3184.2 100-DMA
RES 1: 3175.9 55-DMA
PREVIOUS CLOSE: 3165.3
SUP 1: 3123.6 Low Aug 25
SUP 2: 3089.9 Rising short term daily channel base
SUP 3: 3085.1 21-DMA
SUP 4: 3065.2 Low Aug 20